In the present day scenario a virtual presence is as necessary as a global one. A merchant account with a payment gateway is very essential to serve your customers to the fullest. Before setting up both, be clear about the differences, utilities and the cost.
Take
guidance from a professional and be sure to know about the hidden costs or charges
if any. It’s important for you to understand the difference in order to better
grasp what high risk credit cardprocessing is.
1. Payment Gateway
The
credit card transactions are processed from here. When a customer punches in
his number, the gateway verifies the details on the card, authorizes the
transaction and transfers the money to the merchant account.
2. Merchant Account
It
is a virtual account assigned to the merchant, which holds the money before it
is transferred to the actual bank account. Transfer to the account takes 2 to 7
days.
3. Dedicated
This
type of account is totally dedicated to one merchant. Hence, the merchant has
the facility to negotiate custom rates for his sales.
4. Aggregate
Rates
in this account are not customized and same for all the companies in the pool.
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